Feb
20
Business Law (Chapters 7)
Question 1
2 / 2 pts
A contract must show mutual agreement, which is also referred to as “a meeting of the minds.”
44561
True
72240
False
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Question 2
2 / 2 pts
If an agreement imposes a legal obligation, then it is a(n):
85783
enforceable contract.
47167
a negated concurrence.
5282
unenforceable contract.
88702
a void contract.
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Question 3
2 / 2 pts
A(n) _____ contract is an agreement that results in an obligation that is legally enforceable.
45605
valid
31416
void
63788
voidable
38872
invalid
: B
: B
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Question 4
2 / 2 pts
A contract may be extended and revised as needed to reflect the wishes of the parties.
80891
True
87845
False
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Question 5
2 / 2 pts
If only one party promises something, such as paying a certain amount of money, and the other party promises nothing, then the agreement lacks:
42110
offer and acceptance.
63339
legality of purpose.
96407
consideration.
47172
competence.
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Question 6
2 / 2 pts
A contract in which some future act or obligation remains to be performed under its terms is known as a(n):
1667
contingent contract.
12788
executed contract.
64034
executory contract.
87504
statutory contract.
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IncorrectQuestion 7
0 / 2 pts
An executed contract is one in which all terms of the agreement have been fully performed by at least one party.
45114
True
44672
False
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Question 8
2 / 2 pts
A telephone conversation can result in a(n):
8008
statutory contract.
97156
enforceable oral contract.
89394
informal contract.
25670
contingent contract.
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Question 9
2 / 2 pts
A simple contract is not:
69857
formal
87673
written.
68886
implied.
35971
oral.
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Question 10
2 / 2 pts
A promise to give up something of value that a person has a legal right to keep or to agree to do something that a person is not legally required to do is known as consideration.
20407
True
84338
False
Question 1
2 / 2 pts
A simple contract is not:
formal
oral.
implied.
written.
Question 2
2 / 2 pts
A contract in which some future act or obligation remains to be performed under its terms is known as a(n):
contingent contract.
executory contract.
statutory contract.
executed contract.
Question 3
2 / 2 pts
All but one of the following elements is required of an enforceable contract. The exception is:
malafide intention.
offer and acceptance.
consideration.
mutual agreement.
Question 4
2 / 2 pts
If only one party promises something, such as paying a certain amount of money, and the other party promises nothing, then the agreement lacks:
offer and acceptance.
legality of purpose.
competence.
consideration.
Question 5
2 / 2 pts
If an agreement imposes a legal obligation, then it is a(n):
enforceable contract.
a void contract.
unenforceable contract.
a negated concurrence.
Question 6
2 / 2 pts
A contract must show mutual agreement, which is also referred to as “a meeting of the minds.”
True
False
Question 7
2 / 2 pts
A(n) _____ contract is an agreement that results in an obligation that is legally enforceable.
voidable
invalid
: B
: B
valid
void
Question 8
2 / 2 pts
An offer is a proposal made by one party (offeror) to another (offeree) that indicates willingness to:
reject an offer.
enter into a contract.
negotiate a service or exchange.
consider a service or exchange.
Question 9
2 / 2 pts
A telephone conversation can result in a(n):
informal contract.
enforceable oral contract.
contingent contract.
statutory contract.
Question 10
2 / 2 pts
A promise to give up something of value that a person has a legal right to keep or to agree to do something that a person is not legally required to do is known as consideration.
True
False